According to Serbian Economist, Serbian oil and gas company NIS has announced the signing of a contract to import the first batches of oil via the Adriatic oil pipeline (JANAF) for the refinery in Pančevo and preparations to resume processing after a shutdown in early December 2025 due to a shortage of raw materials amid sanctions restrictions.
According to Reuters, the first shipment includes about 85,000 tonnes of Iraqi Kirkuk oil, followed by a smaller batch of Libyan Es Sider. These volumes will keep the plant running for at least a few days, and Serbian President Aleksandar Vučić has predicted that the refinery will be able to resume operations on 17-18 January, with the production of petroleum products likely to begin on 25-26 January.
The resumption of imports became possible after the US Treasury’s Office of Foreign Assets Control (OFAC) issued a temporary licence allowing NIS to continue operating until 23 January 2026. Reuters also reported that a separate licence had been issued to the operator JANAF to transport oil for NIS for the same period.
The situation surrounding NIS remains linked to negotiations on changes to its ownership structure. The US is awaiting negotiations on the withdrawal of the Russian share, with the deadline for the negotiation process extended to 24 March 2026, and Hungarian company MOL is named as one of the participants in the discussions.
NIS is a key player in the Serbian fuel market: the company owns the country’s only oil refinery (Pančevo) and the largest network of petrol stations, so any disruption in the supply of raw materials directly affects the balance of the petroleum products market and Serbia’s import needs.
According to Serbian Economist, the Office of Foreign Assets Control of the US Department of the Treasury (OFAC) has issued a temporary license to Serbian oil company NIS, controlled by Russian shareholders, to continue operating until January 23, 2026, said Serbian Minister of Mining and Energy Dubravka Djedovic-Handanovic.
According to her, the decision means the resumption of operations at the Pančevo refinery after a 36-day pause. U.S. restrictions, which came into effect in the fall, had earlier blocked oil supplies via the refinery’s only crude import route – through Croatian pipeline operator JANAF.
NIS operates a refinery with a capacity of 4.8 million tons per year and the largest network of gas stations in Serbia (327 stations), providing about 80% of fuel consumption in the domestic market.
Earlier OFAC gave NIS a deadline of March 24 to negotiate the sale of the Russian owners’ stake; in the company’s capital structure Gazprom owns 11.3%, Gazprom Neft – 44.9%, the Serbian state owns 29.9%. Serbian President Aleksandar Vucic reported that Gazprom was in talks with Hungary’s MOL about a possible deal.
https://t.me/relocationrs/2042
According to the Serbian Economist, Serbia has not received a special license from the U.S. OFAC to continue the work of the company NIS, which has fallen under U.S. sanctions. This was announced by Serbian President Aleksandar Vucic. He also said that Serbia has decided to completely shut down the Pančevo refinery.
Since November 25, the NIS refinery has been operating in a reduced circulation mode due to a shortage of oil. Vucic noted that NIS will decide when to complete the shutdown of the refinery.
Earlier it was reported that the Serbian parliament is preparing an amendment that would allow Serbia to become the owner of NIS. A possible sale of 56.15% of NIS shares to Hungarian partners is also being considered.
NIS, a subsidiary of Gazprom Neft, was included in the US SDN List in 2025.
https://t.me/relocationrs/1865
According to Serbian Economist, Naftna industrija Srbije (NIS) is considering the possible sale of a controlling stake (56.15%) to the Russian side of ADNOC from the United Arab Emirates.
According to the publication, there has been no official confirmation from either the Russian side or ADNOC. However, experts believe that the option of selling to an “Arab player” is the most likely and logical. Among other contenders mentioned is the Hungarian MOL Group.
The head of the Serbian parliament’s energy committee, Milun Babic, pointed out that a deal with an Arab investor is preferable to the risk of supply blockages due to sanctions, but he said that the best option would be to transfer management to the Russian side for 20 years. “Selling to the Arabs is a possible option… but it is not ideal,” he said.
Serbian President Aleksandar Vučić, in turn, confirmed that Russia is negotiating the sale of the NIS stake to three investors and that the Serbian side will not be able to exercise its right of first refusal.
If the deal goes through, experts see the following possible consequences for Serbia:
1) increased investment in the modernization of the oil industry, including possible expansion of production and logistics in the region;
2) increased geopolitical independence from Russian assets and reduced risk of sanctions;
3) strengthening of the country’s role as an energy hub in the Balkans.
According to expert Branimir Jovanovic, the new investor could export oil from Serbia and the region or invest in the modernization of the refinery in Pančevo.
Naftna industrija Srbije (NIS) is Serbia’s largest oil and gas company, controlled by Russia’s Gazprom Neft. The company’s authorized capital and strategic importance make it a key element of the country’s energy sector. The transfer of shares will affect Serbia’s future management, investments, and international relations.
Source: https://t.me/relocationrs/1793
According to Serbian Economist, Croatia has expressed its readiness to consider buying Serbian oil and gas company Naftna Industrija Srbije (NIS) if it will help to settle the consequences of US sanctions against the company, Croatian Economy Minister Ante Šušnjar said.
“Our hand is outstretched – if this is the solution, we are ready for this option as well,” the minister said, commenting on the situation after the US sanctions against NIS came into force.
According to Šušnjar, if such a scenario is realized, Croatia would guarantee the stability of the Jadranski naftovod (JANAF) oil pipeline, which has been cooperating with NIS for more than 40 years, without interfering in Serbia’s retail fuel market.
“This would simplify the situation both for us and for Serbia,” emphasized the minister, who represents the Domovinski pokret party, which is in coalition with Prime Minister Andrej Plenkovic’s ruling HDZ party.
The minister noted that the NIS Pančevo refinery provides up to 20% of Bosnia and Herzegovina’s oil products market, and the current sanctions situation poses additional challenges for the entire region.
“By the end of the month, we will complete the modernization of the refinery in Rijeka, which will allow us to increase refining capacity and thus help Bosnia and Herzegovina, and partially Serbia,” Šušnjar said.
He also emphasized that sanctions against NIS will not affect Croatia’s position in negotiations with Hungarian MOL on oil supplies. According to him, the country is ready to provide sufficient volumes of fuel for Hungary, Slovakia and Serbia when it is possible in terms of geopolitical conditions.
Experts note that Croatia’s possible participation in the fate of NIS could be a compromise option to stabilize the energy market in the Balkans and ensure uninterrupted operation of the JANAF oil pipeline, which is a key link of oil supplies to the region.
According to Serbian Economist, Serbian NIS has again submitted a new request to the US Treasury Department to extend a special license allowing it to postpone the full application of sanctions and continue the company’s operations after September 26, 2025, when the previous permit expires.
According to the company, the request was sent on September 18. Earlier, on March 14, NIS also sent a request to the US agency to be removed from the SDN (Specially Designated Nationals) list, but this process is lengthy and complicated.
Since 2022, the application of sanctions against NIS has been postponed six times on the basis of special licenses issued by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury.
Serbian President Aleksandar Vučić, in an interview with Blic TV, expressed concern that further delays may not follow.
“I am afraid that there will be no more delays and we will find ourselves in an extremely difficult situation,” he said.
According to Vučić, during his visit to the US, including a meeting with Secretary of State Marco Rubio, he intends to seek help in resolving this issue.
NIS is Serbia’s largest energy company, controlled by Russia’s Gazprom Neft (56.15%) and the Serbian government (29.87%). The company accounts for the lion’s share of oil refining and fuel production in the country, owns a network of more than 400 gas stations in Serbia and neighboring countries, and plays a key role in the region’s energy security.
Any restrictions against NIS directly affect the Serbian fuel market, state revenues, and transit links in the Balkans, making the issue of sanctions critically important for both Belgrade and the whole of Southeast Europe.
Source: https://t.me/relocationrs/1439
